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Purchase and Sales Entries PURCHASE ENTRIES: Complete the purchase journal entries. Round amounts to nearest dollar if necessary. Purchased $260,000 of merchandise on account, terms were 3/10,n/30. Account Debit Credit $15,600 of the merchandise above was returned to the seller BEFORE payment was made. Paid the remaining amount owed within the discount period SALES ENTRIES: Complete the sales journal entries. Round amounts to nearest dollar if necessary. Sold $54,000 of merchandise to a customer on account, terms 1/10,n/30. The cost of the merchandise sold was $45,900 Account Debit Credit Paid the remaining amount owed within the discount period SALES ENTRIES: Complete the sales journal entries. Round amounts to nearest dollar if necessary. Sold $54,000 of merchandise to a customer on account, terms 1/10,n/30. The cost of the merchandise sold was $45,900 Account Debit Credit Received the amount due within the discount period. QUESTION: What was the Gross Profit on the Sale above: Cash Accounts Receivable Inventory wed within the discount period Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock s. Round amounts to nearest dollar if necessary. to a customer on account, terms 1/10,n/30. sold was $45,900 Retained Earnings Sales Debit Credit Received the amount due within the discount period. QUESTION: What was the Gross Profit on the Sale above: $

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